FreeSeas Announces Higher Daily Rates on New Charters for Three of Its Vessels
PIRAEUS, Greece, Apr 1, 2010 (GlobeNewswire via COMTEX) --FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas'' or the "Company''), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of eight Handysize vessels and two Handymax vessels, announced today new charters for three of its vessels.
Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, "With an increase of more than $17,000 per day in the aggregate as compared to its prior combined fleet daily charter rate, our Company is starting to capitalize on its spot chartering strategy."
The new charters are detailed below:
• The M/V Free Envoy, a 1984-built, 26,318 dwt Handysize vessel, has been
chartered for a time charter trip of approximately 35 days at a daily
rate of $22,500.
• The M/V Free Goddess, a 1995-built, 22,051 dwt Handysize vessel, has
been delivered in direct continuation to its existing charterers for an
additional time charter trip of approximately 40 days at a daily rate of
$15,000.
• The M/V Free Neptune, a 1996-built, 30,838 dwt Handysize vessel, has
been chartered for a time charter trip of approximately 60-100 days at a
daily rate of $25,000.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. Currently, it has a fleet of eight Handysize vessels and two Handymax vessels. FreeSeas' common stock and warrants trade on the NASDAQ Global Market under the symbols FREE, FREEW and FREEZ, respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the U.S. Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, http://www.freeseas.gr.
FreeSeas Inc. press release